Accurate, timely, insightful workforce benchmarks are on the "wish list" of every human resource leader and business owner. Sadly, they've been hard to find and limited in scope due to practical and technological limitations. A year ago, that all changed when ADP introduced Benchmarking as part of the ADP® DataCloud analytics platform. In doing so, the company debuted Big Data and HR analytical tools that transform information into actionable insights and convert data into a strategic asset for workforce management.
In the 12 months since then, ADP has continued to evolve its DataCloud platform and grabbed the attention of industry thought leaders like Human Resources Executive magazine, which has named Benchmarking one of its "2016 Top HR Products" and recognized it as one of this year's "Awesome New Technologies for HR."
According to Human Resource Executive magazine, "while many HR technology solution providers have improved upon their analytics and reporting capability in recent years, most lack the ability to provide the needed context to help HR and business leaders understand their data. The ADP Benchmarking solution provides this context from ADP's vast customer and user data set... Given the richness of the data, HR and business leaders will no doubt welcome the addition of this new tool, which gives them the ability to make more informed HR and people decisions."
"Business leaders and HR professionals need to be able to make decisions about their workforce quickly and confidently," said David Turetsky, vice president of product management for ADP DataCloud. "To do that, they need data analytics tools and reporting capabilities that help them use human capital management (HCM) data in a broader strategic context. Benchmarking, powered by the ADP DataCloud, gives HR leaders greater access to real, payroll and HR-quality benchmarking data they can use to guide strategic business decisions. We're thrilled that Human Resource Executive magazine has chosen to honor our benchmarking feature with its '2016 Top HR Products' and 'Awesome New Technologies for HR' awards."
Introduced in May 2015, the ADP DataCloud allows business leaders and HR professionals to generate actionable insights from the workforce data embedded in their ADP HCM solutions. ADP DataCloud can help boost business and workforce management goals, such as workforce productivity, talent development, retention and the identification of likely employee turnover.
The benchmarking feature gives business leaders the ability to compare their company's data with current industry data -- including compensation, turnover and other workforce metrics. The feature was added to the DataCloud analytics platform in October 2015. The capability is unique among HCM solutions because it:
- Uses the broadest single source of aggregated and anonymized payroll and HR data of 30 million people. The data is sourced from ADP's U.S.client base of more than 95,000 client organizations.
- Helps to ensure that data is relevant as ADP updates the data quarterly.
- Offers data that can be filtered by geography, industry, company size, pay type and more, making the data highly actionable.
- Includes the ability to see both point in time comparisons and understand how trends have emerged over time.
The winners were formally presented their awards at the 2016 HR Technology Conference & Exposition® in Chicago.